The Toronto real estate market had a set of very mixed results for the month of April with the condo market experiencing a large slump in sales due to a substantial influx in inventory while semi & detached home sales/prices have surged.
For homeowners in Canada looking to renewal their mortgage in 2024, many of the current prospects are quite awful when compared to the very low rates they've been accustomed to seeing over the past 5 years.
The year started off with a strong surge of sales compared to the same period in 2023 with condos seeing the biggest increase (+46.4%) as many new construction projects take occupancy.
Toronto real estate saw a strong start to 2024 with sales surging 37% higher than January 2023 while prices softened slightly (-1%).
The luxury home market in Toronto has seen a slow start to 2024 with only 72 properties sold above $2 million in January & many of these going for under list price.
2023 will be remembered as one of the slowest & hardest years for the Toronto real estate market in recent history (besides the beginning of COVID) with a substantial reduction in sales numbers and general softening of prices.
As we delve into the November 2023 Toronto real estate landscape, a complex picture emerges, marked by the interplay of local housing trends and broader economic forces.
Toronto has long relied on the real estate market as a significant source of revenue, particularly through land transfer taxes. However, recent trends indicate a downturn in home sales, leading to concerns over potential impacts on the city's budget and funding for essential services.
As the Canadian housing market braces for a seismic shift, the looming possibility of interest rate reductions by mid-2024 signals a transformative era for homeowners and investors alike. This strategic pivot by the Bank of Canada, departing from a rigid inflation target approach, is not just a financial adjustment but a harbinger of a redefined housing landscape. Stability Amidst Predicted Changes The expectation is for the overnight lending rate to remain at 5% until mid-2024. This predict
As Toronto's skyline increasingly becomes a forest of condo towers, a crucial question looms: Is the city's educational infrastructure keeping pace with its residential expansion?
